MARHABA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MARHABA
Largest movements
- Receivables after one year +€9,423
up €9,423 (+5.0%), from €188,469 to €197,892
- Reserves +€10,080
up €10,080 (+4.6%), from €220,557 to €230,636
of which Distributable reserves: +€10,080
- Taxes -€1,266
down €1,266 (-18.0%), from €7,036 to €5,770
- Gross operating margin +€1,164
up €1,164 (+9.6%), from €12,071 to €13,235
- Financial income +€454
up €454 (+4.9%), from €9,244 to €9,698
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €286,775 | €297,354 | +€10,578 | +3.7% |
| Fixed assets | 21/28 | €9,916 | €9,916 | = | 0.0% |
| Tangible fixed assets | 22/27 | €9,916 | €9,916 | = | 0.0% |
| Land and buildings | 22 | €9,916 | €9,916 | = | 0.0% |
| Current assets | 29/58 | €276,860 | €287,438 | +€10,578 | +3.8% |
| Amounts receivable after more than one year | 29 | €188,469 | €197,892 | +€9,423 | +5.0% |
| Other amounts receivable | 291 | €188,469 | €197,892 | +€9,423 | +5.0% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €88,323 | €89,505 | +€1,182 | +1.3% |
| Deferred charges and accrued income | 490/1 | €68 | €41 | -€27 | -39.9% |
| Total equity and liabilities | 10/49 | €286,775 | €297,354 | +€10,578 | +3.7% |
| Equity | 10/15 | €282,557 | €292,636 | +€10,080 | +3.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €220,557 | €230,636 | +€10,080 | +4.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €214,357 | €224,436 | +€10,080 | +4.7% |
| Amounts payable | 17/49 | €4,219 | €4,717 | +€498 | +11.8% |
| Amounts payable within one year | 42/48 | €4,177 | €4,683 | +€507 | +12.1% |
| Trade debts | 44 | €0 | €66 | +€66 | |
| Suppliers | 440/4 | €0 | €66 | +€66 | |
| Taxes, remuneration and social security | 45 | €247 | €688 | +€441 | +178% |
| Taxes | 450/3 | €247 | €688 | +€441 | +178% |
| Other amounts payable | 47/48 | €3,930 | €3,930 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €42 | €34 | -€8 | -19.3% |
| Other operating charges | 640/8 | €6,850 | €6,806 | -€44 | -0.6% |
| Gross operating margin | 9900 | €12,071 | €13,235 | +€1,164 | +9.6% |
| Operating profit (loss) | 9901 | €5,221 | €6,430 | +€1,208 | +23.1% |
| Financial income | 75/76B | €9,244 | €9,698 | +€454 | +4.9% |
| Recurring financial income | 75 | €9,244 | €9,698 | +€454 | +4.9% |
| Financial charges | 65/66B | €263 | €277 | +€14 | +5.4% |
| Recurring financial charges | 65 | €263 | €277 | +€14 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €14,202 | €15,850 | +€1,648 | +11.6% |
| Income taxes | 67/77 | €7,036 | €5,770 | -€1,266 | -18.0% |
| Profit (loss) for the period | 9904 | €7,166 | €10,080 | +€2,914 | +40.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,166 | €10,080 | +€2,914 | +40.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.